IMF discusses Egypt’s request for SBA loan

Gerry Rice, head of the Communication Department and the spokesman of the International Monetary Fund (IMF), told Ahram Online that the IMF is currently in discussions with the Egyptian government concerning its request to acquire a loan under the Stand-By Agreement (SBA).

Rice was speaking to Ahram Online during the IMF’s online press briefing from Washington on Thursday.

He said that according to the modalities of the SBA, the final decision in this regard will be made in the light of the ongoing COVID-19 crisis and its impact on the economy. He added that once the Egypt mission reaches an agreement it will submit Egypt’s request to the IMF’s Executive Board for a decision.

He stated that the IMF’s Executive Board has already approved a $2.8 billion emergency package for Egypt several weeks ago to help the country address the pandemic crisis under the rapid financing instrument (RFI).